Declan Resources Inc. & Lakeland Resources Inc. Plan Further Exploration at Gibbon's Creek Uranium Property, Athabasca Basin;...
19 3월 2014 - 1:00AM
Marketwired
Declan Resources Inc. and Lakeland Resources Inc. Plan Further
Exploration at Gibbon's Creek Uranium Property, Athabasca Basin;
Drill Permits Received
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) -
Declan Resources Inc. (TSX-VENTURE:LAN)(FRANKFURT:DCR) ("Declan" or
the "Company") and its Joint Venture ("JV") partner Lakeland
Resources Inc. ("Lakeland") (TSX-VENTURE:LK)(FRANKFURT:6LL) are
pleased to announce the winter and spring exploration plans for the
Gibbon's Creek Uranium Property (the "Property"), which is located
along the northern margin of the Athabasca Basin in Saskatchewan,
Canada.
The JV partners are planning to mobilize a field crew to confirm
the historic electromagnetic (EM) geophysics over the Property by
conducting a modern Moving Loop Time Domain Electromagnetic ground
survey within the next 1-2 weeks in advance of an anticipated 2,500
metre, phase one, drill campaign. The drill campaign is anticipated
to consist of up to 15 drill holes and will start as soon as
practical after seasonal break-up conditions. All of the current
targets are located on dry land that can be easily accessed in
winter and summer. Lakeland is in receipt of permits that allow the
JV to drill up to 52 drill holes on the Property.
As announced in the January 8th, 2014 news release Lakeland
developed several drill targets at Gibbon's Creek based on fall,
2013 exploration including a land-based RadonEX™ survey, a boulder
prospecting survey and a DC-Resistivity survey.
This exploration resulted in the discovery of highly significant
radon values, the confirmation of high-grade boulders of up to
4.28% U3O8 and the definition of an east-west resistivity low,
interpreted as an alteration corridor.
The Gibbon's Creek Property is comprised of five contiguous
claims totaling 12,771 hectares, located less than 3 kilometers
from the settlement of Stony Rapids. The Property is adjacent to
the Black Lake Project, held jointly by Uracan Resources Ltd. and
UEX Corp. The Property benefits from nearby infrastructure, with
power lines and highways transecting the claims. The depth to the
unconformity at Gibbon's Creek is known to be shallow (ie. ~50 to
250 metres) increasing the economics of exploration. The Property
also benefits from a significant database of historic exploration
information from work completed by UEX Corp. as well as Eldorado
Nuclear (one of the two predecessors to what is now Cameco).
Declan has the option to acquire up to a 70% interest in the
Property by incurring $6,500,000 of staged exploration
expenditures, paying $1,500,000 in cash and making share payments
totaling 11,000,000 shares to Lakeland over a 4 year period.
Lakeland will retain a 2% Royalty on Commencement of Commercial
Production; 1% of which can be purchased by Declan for C$1 million.
After Declan has earned its 70% interest, Lakeland's 30% interest
in the Property will be carried until Declan completes an initial
NI 43-101 compliant resource estimate for the Property.
2014 exploration at Gibbon's Creek will be funded by Declan.
Results from the programs will be reported jointly by the partners
as they become available.
NI 43-101 Disclosure
The technical information above has been prepared in accordance
with the Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed on behalf of the company by Neil
McCallum, P.Geo., a qualified person, of Dahrouge Geological
Consulting Ltd.
About Declan Resources Inc.
Declan Resources Inc. is an independent mineral exploration
company based in Vancouver, B.C. which is currently pursuing
mineral exploration in their Nimini Hills and Baomahun license
areas in Sierra Leone and uranium mineralization in the Athabasca
Basin in Saskatchewan.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Statements in this document which are not purely historical
are forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include that the JV
partners are planning to mobilize a field crew to confirm the
historic electromagnetic (EM) geophysics over the Property by
conducting a modern Moving Loop Time Domain Electromagnetic ground
survey within the next 1-2 weeks in advance of an anticipated 2,500
metre, phase one, drill campaign; and that the drill campaign is
anticipated to consist of up to 15 drill holes and will start as
soon as practical after seasonal break-up conditions.
It is important to note that actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data;
that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties.
Declan Resources Inc.Tyson King(604) 639-4472
Declan Resources Inc. (TSXV:LAN)
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